Buy DHFL; target of Rs 506: Geojit Financial Services

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Geojit Financial Services' research report on DHFL

Post demonetization, disbursements gained traction again with 11.2% YoY and 23.2% QoQ growth in Q4FY17. AUM grew by 20% YoY (in line with our expectation) mainly driven by non-core home loan book (↑43% YoY) which includes project loans, loan against property (LAP) and SME loans.

Outlook

We expect this gap to further narrow given the company’s strong growth trajectory. Hence, we continue to maintain BUY rating on the stock with a revised upward target price of Rs 506 (1.7x FY19E P/ABV).

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